Brutal, IMS (RX) shares are selling off 25% to $21.80, a 52-week low

Bad earnings followed by downgrades.

IMS Health which is a provider of market intelligence to the pharmaceutical and healthcare industries, announced third-quarter 2007 revenue of $538.8 million, up 12 percent or 8 percent on a constant-dollar basis, compared with revenue of $482.7 million for the third quarter of 2006.

Operating income in the third quarter of 2007 was $117.1 million, up 1 percent on both a reported and constant-dollar basis, compared with $115.4 million in the year-earlier period.

Third-quarter profit fell 18 percent as earnings were hit by a change in the German tax rate.

Robert W. Baird promptly downgraded the shares.

Douglas A. McIntyre